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Moody's Lowers New Jersey Debt Outlook to 'Sluggish' Print E-mail
by Tom McGregor    Thu, Dec 19, 2013, 12:59 AM

New Jersey Governor Chris Christie, a Republican, has engaged in such bloated state spending that Moody's, a credit ratings' agency, has downgraded the state's debt outlook.

Breitbart News reports that, "Governor Chris Christie's deals to assure the pensions of public workers have put New Jersey's economy in such danger of overspending that Moody's Investor Service lowered the state's economic outlook to "negative" this week."

The big spending governor called the Moody's report "flawed," by saying that Trenton has raised taxes, which has generated an increase of tax revenues.

According to Breitbart News, "The foreboding report suggested that New Jersey is currently in a "very weak liquidity position" caused by an imbalance between spending and income, reported the Star-Ledger this week. While giving Governor Christie credit for being "proactive," the report also tears apart the state's "sluggish" economic rebound and argues that it is consistently underwhelming at bringing in revenue. Another way of putting this is that New Jersey spends more money than it makes in a way that might be too unsustainable for its current credit rating."

New Jersey bonds' rating are ranked the lowest in the nation.

To read the entire article from Breitbart News, link here:

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